Nigeria Plans to Review Rice Import Policy to Enhance Production
Sep 02, 2015
The Federal
Government of Nigeria is planning to review the rice import policy in order to
increase productivity, raise incomes of farmers as well as promote exports, the
Permanent Secretary of the Federal Ministry of Agriculture and Rural
Development (FMARD) was quoted.
Speaking in a
meeting with the Nigerian Investment Promotion Commission (NIPC), he noted that
the current policy is unfavorable for the growth of the sector. He said the
government is planning to ensure self-sufficiency in rice production before
restricting imports. The Federal Ministry and the NIPC will reportedly work together
by promoting strategic investments into the rice sector.
He called for more
investments into the rice sector and reiterated that Nigeria has vast arable
land and resources to boost productivity and achieve self-sufficiency in rice
production. He also stressed on the need to link farmers to the market in order
to create a strong value chain.
The Nigerian
government has targeted to achieve self-sufficiency in rice production and end
imports by 2015. In that direction, the government launched the Agriculture
Transformation Agenda (ATA) in 2012 and raised import duties on polished and
milled rice to 40% and 110% respectively. But high rice import tariffs have led
to informal cross-border imports from neighboring coastal countries. In order
to reduce rice smuggling, the government has lowered import duties on polished
and milled rice to 30% and 70% respectively in July 2014.
Nigeria produced
around 2.9 million tons in 2014, about 52% higher than around 1.9 million tons
produced in 2013. USDA estimates Nigeria to produce around 2.55 million tons of
rice and import around 3.5 million tons of rice in MY 2014-15 (October –
September) to meet a consumption demand of around 6.1 million tons.
Iran to Allow Rice Imports from Pakistan from October 2015
Sep 02, 2015
Iran
has agreed to lift the ban on rice imports from Pakistan in the aftermath of
removal of international sanctions, according to local sources. The imports are
to be reinstated from October 2015.A Pakistani delegation led by the Provincial
Food Minister, Agriculture Minister, the Director General of Agriculture
Extension, and the Chairman of Punjab Board of Investment and Trade (PBIT) have
been to the Middle East nation to discuss rice exports and other trade issues
with the Iranian officials.The Pakistani delegation reportedly met with the
General Trading Corporation of Iran, Ministry of Agriculture, Livestock
Department, Industries Minister and Ministers of Economic affairs and
Finance.The Pakistani delegation reportedly confirmed that the Iranian authorities
have agreed to lift the ban on imports from Pakistan.
Iran
is one of the largest importers of rice accounting for about 11% of the world's
annual rice imports. Prior to the imposition of sanctions on Iran, Pakistan was
the largest exporter of rice Iran and Pakistan's trade was routed through the
Bank of New York (BNY). Due to sanctions, the U.S. suspended the trade route
through the BNY. This also led to Pakistan losing its share in the Iranian
market.
Cross Border Rice Trade Continues in Myanmar Despite Export Ban
Sep 02, 2015
Cross
border rice exports to China through the northern borders has been continuing
despite the imposition of a temporary ban on rice exports, according to local
sources.Myanmar temporarily halted rice exports in the first week of August until
mid-September as more than about 15% of paddy fields or about 400,000 hectares
were damaged by the floods. The decision was also taken to prevent price
hikes in the flood-affected areas.However, unofficial rice exports through the
Muse border in the northern Shan state has been continuing in small light
trucks or cars. Some traders told local sources that they have been exporting
rice to China labelled as other commodities. Due to these unofficial exports,
the price of every variety of rice in Muse has reportedly increased by around K
1,500 (around $1.16) per bag compared to the Mandalay market.
The
Myanmar Rice Federation (MRF) officials told earlier this month that any trader
contravening the export ban would face action. Some traders noted that they are
currently restricting themselves to guidelines but would oppose an extension of
the ban.The Joint Secretary of the MRF assured that the ban would be lifted as
planned on September 15. Myanmar has reportedly lost about 200,000 tons of rice
exports during the last month. The MRF is expecting this year's rice exports to
be lower than last year. “Though we expected to export about 2 million tons of
rice this year, we won’t reach that [target]. Now we expect to export less than
1.5 million tons,” said the MRF official.
Myanmar
is a net exporter of rice and its exports have been increasing consistently for
the past few years. Myanmar exported around 1.8 million tons of rice in 2014.
The MRF expects a paddy output of around 14 million tons (around 8.96 million tons,
basis milled) in 2015.China is a major destination for Myanmar rice, but most
of the rice is exported to China through Myanmar's northern borders. However,
the Chinese authorities banned unofficial exports through borders in August
2014 seeking a trade agreement between the two countries. China is particular
that the exported rice meets its quality and health standards.USDA estimates
Myanmar to produce 20 million tons of paddy rice (around 12.8 million tons,
milled basis) and export around 2.2 million tons of rice in MY 2015-16 (January
- December 2015).
Italy to Host Eighth International Conference of TRRC from September 8-10,
2015
Sep 02, 2015
Italy is hosting the
eighth International Conference of the Consortium of Rice Research in Temperate
Zones (TRRC) from September 8-10, 2015 in Vercelli.
Massimo Biloni,
Director of Italian seed company Sapise will Chair the event, which brings
together researchers from temperate countries where rice is grown.
The event will
facilitate the scientific and cultural exchange among researchers working in
the 18 countries of the consortium. The aim is to share experiences about the
most important problems of rice growing in temperate countries such as the
blast disease and the cold.
On September 8, the
delegations will be presented to the local press and institutions; on September
9, the researchers will illustrate their scientific reports; and on September
10, the delegates will take part on the Open Day organized by Ente Risi, the
National Agency for Rice in Castello d'Agogna, near Vercelli.
Australia,
Bangladesh, Bhutan, China, Egypt, the Philippines, Japan, India, Indonesia,
Iran, Italy, Korea, Pakistan, Russia, Tanzania, Turkey, Uruguay, USA are the
member countries of the consortium. The first conference was held in Korea in
2007.
TRRC conducts
research in factors of production and quality of Grain; biotic and rice blast;
and abiotic stress tolerance to cold.
Oryza Afternoon Recap - Chicago Rough Rice Futures Trade Higher despite
Mostly Softer US Grain Prices Today
Sep 02, 2015
Chicago rough rice
futures for Nov delivery settled 9 cents per cwt (about $2 per ton) higher at
$11.955 per cwt (about $264 per ton). The other grains finished the day with
mixed results; Soybeans closed unchanged at $8.7400 per bushel; wheat finished
about 1.5% lower at $4.7900 per bushel, and corn finished the day about 0.4%
lower at $3.6750 per bushel.
U.S.
stocks jumped Wednesday, trying to recover from the worst start to a September
in 13 years, as investors eyed calmer global markets, domestic data, and oil
prices. The Nasdaq composite and the S&P 500 attempted to stay out of
correction territory, defined as 10% or more down from its 52-week high. The
Dow Jones industrial average remained in correction. The Dow Jones industrial
average traded about 180 points higher after briefly gaining as much as 237
points. The major averages tried to hold gains of about 1% or more after the
Federal Reserve's latest Beige Book said economic activity continued to expand.
European stocks closed mildly higher amid U.S. gains and milder declines in
Asian stocks.
After violent swings, the benchmark Shanghai
Composite closed down 0.4%, after falling as much as 4.6%, as regulators
stepped up rescue measures to support a wobbly stock market on Wednesday. Japan's
Nikkei closed down about 0.4% and the Hang Seng ended down about 1.2%.July's
factory orders rose 0.4%, below consensus expectations for a 0.9% increase. The
second-straight month of increases was driven by strong demand for auto sales.
Durable goods orders for July were revised higher to 2.2% from 2.0%.Analysts
also noted solid gains in weekly mortgage applications, which leaped 11.3% amid
last week's dip in interest rates.
In
afternoon trade Wednesday, the Dow Jones Industrial Average traded up 210
points, or 1.32%, at 16,274. The S&P 500 traded up 23 points, or 1.21%, at
1,936, with information technology leading nine sectors higher and utilities
the only decliner. The Nasdaq traded up 75 points, or 1.61%. Gold is trading
about 0.5% lower, crude oil is seen trading about 1.9% higher, and the U.S.
dollar is seen trading about 0.4% higher about 2:00pm Chicago time.
Tuesday, there were
1,255 contracts traded, down from 2,361 contracts traded on Monday. Open
interest – the number of contracts outstanding – on Tuesday increased by 769
contracts to 10,963.
Cambodian Jasmine Rice Varieties to Get Single Brand Name
Sep 02, 2015
Cambodia
produces multiple varieties of jasmine rice varieties, including Phka Romdeng,
Phka Romeat, Phka Rumduol but lacks a single brand name that can differentiate
its jasmine rice in the international market. The government and the Cambodian
Rice Federation (CRF) are working separately to come up with a brand name that
could distinguish Cambodian jasmine rice from the Thai jasmine rice.Currently,
all the varieties of jasmine rice are known as Cambodian fragrant rice in the
international market.
According
to the Phnom Post, the CRF's Acting Secretary-General told reporters that
inconsistent labelling of Cambodian jasmine rice was diminishing the collective
strength of the country's rice sector. He noted that the Federation has set up
a market promotion executive committee for finalizing a name and would announce
the name at the Cambodia Rice Forum in November.
Separately,
the Ministry of Agriculture has suggested to use the “Cambodia Jasmine Phka
Rumduol” as the sole brand name for Cambodian jasmine rice varieties. The
Director General at the General Department for Agriculture has urged all
exporters to use this name going forward.However, some rice exporters noted
that calling all varieties as Phka Rumduol would be misleading to consumers.
They are preferring another name that could cover all the varieties commonly.
One of the leading exporters noted that the government should consider the
exporters' opinion before finalizing a name.The Commerce Ministry spokesman
added that regardless of the name, Cambodian rice needs more effective
marketing in order to educate buyers and boost jasmine rice exports.USDA
estimates Cambodia to export around 1.1 million tons of rice (including
official and unofficial rice exports to Vietnam and Thailand) in 2015, up about
10% from an estimated 1 million tons in 2014.
Pakistan Government Urged to Provide Bailout Package for Rice Exporters
Sep 02, 2015
Pakistan rice sector
is facing a triple whammy with increasing stocks, reduced demand and low prices
leading to discontentment among farmers and exporters.Punjab state is the major
producer of basmati rice in Pakistan, which produces about 2.3 million tons of
basmati rice annually. Of this, around 600,000 - 700,000 tons are exported and
around one million tons are used for domestic consumption. The remaining
300,000 - 400,000 tons are left out yearly adding to the stocks. Due to an
increase in stocks, exporters and millers are not interested to buy paddy from
farmers and consequently farmers are not even in a position to recover the
production costs.
The price of super
basmati which was Rs.2600 per 40 kilograms (around $616 per ton) in 2013-14 is
said to have declined to Rs.1300 per 40 kilograms (around $308 per ton) in
2014-15 and it is expected to decline further this year. Many farmers have
refused to sow rice in the next season due to low prices, putting future of
industry at stake.
The Chairman of the
Basmati Rice Growers Association (BGA) noted that several hidden subsidies by
the Indian government allow exporters to price their rice competitively.
Consequently, Pakistan is losing a major share of its exports to India. He
reiterated that the Pakistan is the fourth largest rice exporter in the world
and millions of jobs are linked to the rice sector and therefore the sector
needs attention of the policy makers. He urged the government agencies to buy
rice from millers, who are also facing difficult times due to inability
to pay loan interests, and export it. He suggested that the industry should be
declared as sick industry and support for its growth.
Oryza Overnight Recap – Chicago Rough Rice Futures Bounce on Open Following
Steep Losses Sustained Yesterday
Sep 02, 2015
Chicago
rough rice futures for Nov delivery are currently trading 8 cents per cwt
(about $2 per ton) higher at $11.945 per cwt (about $263 per ton) during early
floor trading in Chicago. The other grains are seen trading with mixed
results in early morning action; soybeans are currently seen trading about 0.2%
higher, wheat is listed about 0.4% lower and corn is currently noted about 0.2%
lower.
U.S.
stocks opened sharply higher Wednesday, trying to recover from the worst
start to a September in 13 years, as investors eyed calmer global markets and
domestic data. The major averages advanced more than 1% to bring the S&P
500 out of correction, or less than 10% away from its 52-week high. The Dow
Jones industrial average traded about 180 points higher after gaining more than
200 points in the open. European stocks traded flat to slightly higher. After
violent swings, the benchmark Shanghai Composite closed down 0.4%, after
falling as much as 4.6%, as regulators stepped up rescue measures to support a
wobbly stock market on Wednesday.
U.S.
stocks closed nearly 3% lower on Tuesday for the worst first day of
September trade since 2002. The Dow and S&P ended 2.5% above lows hit
during last week's selloff. Oil is also in focus, recovering in early trade
with crude oil above $45.50 a barrel. Crude settled 7.7% lower on
Tuesday and extended losses after API data showed a greater-than-expected
inventory build. Gold is currently trading marginally lower, crude oil is seen
trading nearly flat, and the U.S. dollar is currently trading about 0.3% higher
at 9:00am Chicago time.
Thailand Rice Sellers Lower Some of Their Quotes Today; Other Asia Rice
Quotes Unchanged
Sep 02, 2015
Thailand rice
sellers lowered their quotes for Parboiled rice and 100% broken rice by about
$5 per ton each to around $355-$365 per ton and $310-$320 per ton respectively
today. India and Pakistan rice sellers kept their quotes mostly unchanged
today. Vietnam rice sellers are out today due to a national holiday.
5% Broken Rice
Thailand 5% rice is
indicated at around $350 - $360 per ton, about $25 per ton premium on Vietnam
5% rice last shown at around $325 - $335 per ton. India 5% rice is
indicated at around $365 - $375 per ton, about $45 per ton premium on Pakistan
5% rice shown at around $320 - $330 per ton.
25% Broken Rice
Thailand 25% rice is
shown at around $335 - $345 per ton, about $25 per ton premium on Vietnam 25%
rice last shown at around $310- $320 per ton. India 25% rice is indicated at
around $340 - $350 per ton, about $45 per ton premium on Pakistan 25% rice shown
at around $295 - $305 per ton.
Parboiled Rice
Thailand parboiled
rice is indicated at around $355 - $365 per ton, down about $5 per ton from
yesterday. India parboiled rice is indicated at around $355- $365 per ton,
about $60 per ton discount to Pakistan parboiled rice last shown at around $415
- $425 per ton.
100% Broken Rice
Thailand broken
rice, A1 Super, is indicated at around $310 - $320 per ton, down about $5 per
ton from yesterday and about $5 per ton from premium on Vietnam 100% broken
rice last shown at around $305 - $315 per ton. India's 100% broken rice is
shown at around $295 - $305 per ton, about $15 per ton premium on Pakistan
broken sortexed rice shown at around $280 - $290 per ton.
Thailand Still Considering Civil Cases on Former Prime Minister and Her
Aides, Says Commerce Minister
Sep 02, 2015
The
government of Thailand would decide about filing civil cases on former Prime
Minister, the former Commerce Minister and 20 other individuals in the
government-to-government (G2G) rice deals based on the report given by two
panels set up by the Prime Minister, local sources quoted the Commerce
Minister.The panels were supposed to submit their findings by September 1 and
recommend whether the accused individuals need to pay a compensation to the
government. The case is understood to expire on September 7, 2015. However, the
non-submission by the panels led to doubts whether the Commerce Ministry was
slow in demanding compensation from the suspected individuals in the rice
pledging case.
Responding
to such criticisms, the Ministry noted that September 7 is a deadline for the
two panels to rule on whether the former prime minister Yingluck Shinawatra and
21 other people accused by the National Anti-Corruption Commission (NACC) are
financially liable or not.The Commerce Minister added that if the two panels rule
that the accused are financially liable to the government, the concerned state
authorities will be notified about the further actions to be taken.The former
Prime Minister is facing charges of dereliction of duty in preventing
multi-billion dollar graft in running the controversial rice pledging scheme
introduced by her government in October 2011. The scheme is estimated to have
caused losses to the extent of about 500 billion baht (around $14 billion) to
the government.
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